Job Summary
Job Summary
The Senior Conduct Supervision Officer is responsible for overseeing market conduct supervision activities to ensure that regulated insurance entities uphold fair treatment of customers, maintain high standards of integrity and comply with consumer protection regulations and Treating Customers Fairly (TCF) principles.
The role supports consumer protection, insurance awareness, market conduct inspections, product oversight and regulatory compliance through analysis, monitoring, outreach and stakeholder engagement activities.Key ResponsibilitiesMarket Conduct Supervision
Key Responsibilities
Analyze market conduct data received from regulated entities.
Conduct off-site risk assessments and onsite inspections relating to market conduct practices.
Prepare reports on insurance companies' operations, marketing, underwriting, policyholder service, complaint handling and claims management practices.
Assess compliance with market conduct standards, regulations and consumer protection requirements.Insurance Product Review and Consumer Protection
Analyze policy wordings for new and repackaged insurance products to ensure policyholder and beneficiary protection.
Review insurance products for conformity with standardized insurance contracts.
Analyze data on insurance products filed for regulatory approval.
Identify and recommend legislative and regulatory improvements aimed at strengthening consumer protection.Treating Customers Fairly (TCF) Oversight
Collect and analyze data using the TCF assessment framework.
Assess implementation of Treating Customers Fairly principles by regulated entities.
Evaluate customer understanding of insurance products and distribution practices.
Monitor compliance with TCF outcomes and recommend corrective measures where necessary.Complaints Handling and Consumer Affairs
Handle complaints from policyholders and beneficiaries.
Analyze complaint trends and prepare reports for management review.
Support resolution of consumer concerns and promote fair customer outcomes.
Monitor complaint handling procedures among regulated entities.Consumer Education and Insurance Awareness
Assess insurance awareness, literacy and financial education gaps.
Develop and implement consumer education programmes.
Develop Information, Education and Communication (IEC) materials.
Design and deliver financial education and insurance outreach programmes.
Conduct insurance awareness needs assessments.
Monitor and evaluate outreach and consumer education activities.
Prepare progress reports on outreach and consumer education initiatives.Research (adsbygoogle=window.adsbygoogle||[]).push({});and Analysis
Collect and compile data from regulated entities to identify unlawful or misleading marketing and distribution practices.
Analyze emerging consumer trends, expectations and insurance needs.
Assess impacts of new laws, regulations, policies and procedures relating to consumer protection.
Generate reports and recommendations to support regulatory decision-making.Capacity Building and Stakeholder Engagement
Support capacity-building initiatives for regulated entities.
Prepare reports on training and awareness activities undertaken within the industry.
Promote compliance with consumer protection and market conduct requirements.QualificationsApplicants should possess:
Qualifications
A Bachelor's Degree in Insurance, Law, Risk Management or an equivalent qualification from a recognized institution.Professional Requirements
Professional Requirements
Professional qualification such as ACII, AIIK, LOMA or another approved equivalent qualification from a recognized institution.
Membership in a relevant professional body and in good standing where applicable.
Proficiency in computer applications.Experience
Experience
At least three (3) years of cumulative experience at the level of Conduct Supervision Officer or in a comparable and relevant position.
Experience in insurance supervision, consumer protection, market conduct regulation or compliance monitoring will be an added advantage.Required Competencies
Required Competencies
Communication skills.
Interpersonal skills.
Analytical and problem-solving skills.
Report writing skills.
Presentation skills.
Mentoring, coaching and leadership skills.
Conflict management and dispute resolution skills.
Consumer protection and regulatory compliance knowledge.